Bloomberg/Staff/6-21-2022
“The Finance Ministry proposed this week to put a portion of the country’s gold and gems into a special reserve that can be accessed in times of war, according to the government documents website. If the proposal passes, the president will have more right to decide what to do with those reserves.”
USAGOLD note: Not sure what impact, if any, this decision will have on the gold market. Russia is already garnering considerable cash flow through its energy exports making large sales of precious metals a less likely prospect. This rule change simply gives Putin another option. Reuters reports this morning that Russia exported a token three tonnes of the metal to a Swiss refinery in May despite sanctions.
